Because every type of business venture comes with a certain amount of risk, all business owners need coverage designed to prevent a financial catastrophe. Without proper insurance protection in place, you could possibly lose your company if left vulnerable to lawsuits, or unable to provide products or services. In order to avoid a substantial loss, you can opt to purchase Carmel business owners policy coverages, commonly referred to as a BOP package.
Many similar types of businesses have similar exposures and these standard policies can be purchased at a reasonable cost. A BOP is an ideal insurance solution for many small to medium-sized businesses since it bundles liability and property insurance. A Carmel business owner policy also allows your business to create a customized insurance policy that combines some other basic coverage, for example, business interruption or crime insurance, at a discounted rate. You can determine additional coverage types, provided they are available under a BOP, based upon the individual needs of your company.
Most agencies that sell insurance want to provide small business owners with policy solutions that keep them protected from concerns that are relative to the type of services they perform. That’s what’s so great about having the option of combining various coverages into one convenient package. You’ll get the benefits you need in a standard business policy along with better savings through competitive pricing.
Structure your BOP to your business
If your a business that has a storefront or you regularly have visitors in your offices, the BOP policy offers protections for the property you utilize while covering you in the case of non-employee bodily injury or property damage. Common claims, such as slip-and-fall incidents or fire damage, would be covered by this policy. Business interruption insurance covers the loss of income resulting from a fire or other catastrophe that disrupts your operations. It can also include any extra expense needed to operate from a temporary location.
Carmel business owners policy coverages do not provide for professional liability, auto insurance, worker’s compensation or health and disability insurance. You must purchase these separately to cover professional services, vehicles and your employees.